Garanti BBVA and EIF partner to offer 30 million Euro in guarantees to support Romanian companies
Garanti BBVA and the European Investment Fund (EIF) have signed an agreement to provide guarantees of a minimum of 30 million euros, to enhance Romanian companies` competitiveness and sustainability. The InvestEU guarantees will enable Garanti BBVA to facilitate a minimum of 42 million Euro in financing for small and medium-sized enterprises (SMEs) across Romania.
Through this collaboration with EIF, Garanti BBVA is launching two new guarantee programs designed to address key challenges for Romanian enterprises. The SME Competitiveness Guarantee Program aims to increase access to financing and stimulate lending, which faced significant obstacles during and after the COVID-19 crisis. Meanwhile, the Sustainability program supports companies transitioning towards greener, more sustainable investments, which is essential to the sustainable transformation of Romania’s economy.
“This partnership with the European Investment Fund marks an important step in Garanti BBVA’s mission to support Romanian companies in their effort toward increased competitiveness and sustainability. The financing opportunities we bring to the market with the InvestEU guarantee reflect our commitment to facilitating Romania’s economic growth while contributing to its transition to a greener economy. By improving access to capital and promoting sustainable projects, Garanti BBVA confirms its role as a reliable partner for Romanian businesses in every stage of their development”, said Bilge Demirer, Deputy General Manager, Enterprise Banking Area, Garanti BBVA Romania.
Through the SME Competitiveness Guarantee Program, companies can expect a guarantee rate of 50 percent to 70 percent, depending on specific eligibility criteria, enabling Garanti BBVA to extend financing to companies with reduced collateral.
The sustainability Guarantee Component, with a guarantee percentage of 70 percent, is exclusively dedicated to companies developing green and sustainable projects. The guarantee is backed by InvestEU, the European Union’s funding program and by Romania’s National Recovery and Resilience Plan (PNRR).